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Turbo tax is asking what state or states i had exempt-income dividends from and its through TD Ameritrade stock market. I have no idea which state its from. Please help

I have the tax document from TD Ameritrade. Just not sure where to look if that information is even on there.
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Level 7

Turbo tax is asking what state or states i had exempt-income dividends from and its through TD Ameritrade stock market. I have no idea which state its from. Please help

mnelson8215,

 

You are not alone!  I have had to go through this hassle just about every year.  You will need to clarify a couple of things so I can intelligently advise you.

 

Just to be sure ... does your TD Ameritrade 1099 statement show you received exempt-income dividends?  That would be a nonzero entry on line 12 in the 1099-DIV section.  If so:

 

(1) Are you holding mutual funds and/or exchange-traded funds (ETFs) in your TD Ameritrade account?

(2) Are you holding municipal and/or state-specific bonds in your account?

(3) In the later section entitled Detail for Dividends and Distributions, do any of the securities show a non-blank entry under the column heading State?

 

If the answer to (1) is Yes, provide the name of one such holding, or at least the parent company, e.g. Fidelity Investments.  Ditto for (2).  I ask these questions because in most cases, you will need to go to the various parent company's individual website to find the answers.

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Level 15

Turbo tax is asking what state or states i had exempt-income dividends from and its through TD Ameritrade stock market. I have no idea which state its from. Please help

it only makes a difference if some of the interest is from your resident state and that the interest is exempt from  resident state taxation.   this varies from state to state.  some exempt all of their interest, some exempt none, and some exempt interest only from certain obligations.   so even if you find out $x came from your resident state you have to go farther and find out what obligations the dividends arose from and then whether they're exempt in your state.    only you can decide if it'll be worth it.  if you decide to pass use TX for the state. Texas has no individual income taxes so all the dividend-interest will be taxed by your resident state.